CME: Cheese, Milk Futures Reverse Course Again
US - Friday’s increase on barrels turned out to be a tease. Barrels dropped a nickel this morning on a steady stream of offers, writes Alan Levitt.
11 October 2011
1 minute read
Trades took place as low as $1.72 before late bids brought the closing
price to $1.7350.
Milk futures reacted sharply. NOV plunged limit-down (-75¢) but regained a
few cents by the close.
Fourth-quarter contracts, which had increased 36¢ on Friday, settled
48¢ lower today (see chart). Cheese futures also declined, losing 5.1¢ in the NOV-JAN
contracts.
Spot butter was bid another penny higher, giving a boost to butter futures. NOV-FEB jumped
1.9¢ after increasing 1.8¢ on Friday.
NDM futures were quiet today and whey futures were mixed. Futures remain discounted to
current cash prices.
The November Class one prices in California are $20.26 in the north (down $1.24 from October)
and $20.54 in the south (down $1.23).
Federal Order Class I prices come out Friday 21 October.
CWT accepted bids to provide export assistance on sales of 2.7 million lbs of cheese for delivery through the end of the year. Year-to-date acceptances total
74.9 million lbs.
Further Reading
 | - | You can view the full report by clicking here. |
TheMeatSite News Desk
